But Tuesday’s report came one month after consumer credit in May expanded at the fastest pace in five months. At that time, the data raised some eyebrows, especially since rising consumer credit can indicate confidence in the economy. Considering the sluggish job market and slowing growth, it was tough to see why consumers were more willing to break out the credit card.

In June at least, they apparently weren’t. Tuesday’s report showed that revolving credit, which includes credit-card debt, dropped by $3.70 billion in June.

“This number does tend to bounce around on a monthly basis,” says Michael Shaoul, chairman of Marketfield Asset Management in New York, while noting consumer credit has averaged growth of a little more than $10 billion a month throughout the last year.